How Does It Work?

Tethers exists on blockchains through the Omni Protocol. The Omni Protocol is open source software that interfaces with blockchains to allow for the issuance and redemption of cryptocurrency tokens, in our case, “tethers”.

The Tether Platform is fully reserved when the sum of all tethers in circulation is greater than or equal to the balance of fiat currency held in our reserve. Through our Transparency page, anyone can view both of these numbers in near real-time.

For a more detailed technical explanation of how the Tether Platform works, please download the Tether white paper.

Supported Real-World Currency

Security

Tether is built on top of the revolutionary and cryptographically secure open blockchain technology and adheres to strict security and global government laws and regulations.

All tethers are pegged at one-to-one with matching fiat currency (e.g., 1 USD₮ = 1 USD) and are backed 100% by actual assets in our reserve account. As a fully transparent company, we publish a real-time record of all value held and transferred in and out of our reserve account.

Tethers can be securely stored, sent and received across the blockchain and are redeemable for cash (the underlying asset) pursuant to Tether Limited’s terms of service.

If you use Poloniex or Bittrex, then you have probably seen the UDST market a few times and you may even use it regularly. However, some may not be fully aware of what USDT truly is and how it works.

USDT is a cryptocurrency asset issued on the Bitcoin blockchain via the Omni Layer Protocol. Each USDT unit is backed by a U.S Dollar held in the reserves of the Tether Limited and can be redeemed through the Tether Platform.

USDT can be transferred, stored, spent, just like bitcoins or any other cryptocurrency, users can transact and store tethers with any Omni Layer enabled wallet like Ambisafe, Holy Transaction or Omni Wallet.

USDT and other Tether currencies were created to facilitate the transfer of national currencies, to provide users with a stable alternative to Bitcoin and to provide an alternative for exchange and wallet audits which are currently unreliable. USDT provides an alternative to Proof of Solvency methods by introducing a Proof of Reserves Process.

In the Tether Proof of Reserves system, the amount of USDT in circulations can be easily checked on the Bitcoin blockchain via the tools provided at Omnichest.info, while the corresponding total amount of USD held reserves is proved by publishing the bank balance and undergoing periodic audits by professionals.

One can check the USDT in circulation here. The total number of USDT in circulation at any time be denoted as TUSD. The amount of USDT in circulation must always correspond to the amount of USD in the bank account used by Tether Limited to receive and send fiat currency to users who purchase/redeem tethers directly on the Tether Platform.

To prove that the amount of USD in the bank account is the same or more than the USDT in circulation, Tether Limited publishes the bank account balance on its website’s Transparency page. Professional auditors will regularly verify, sign, and publish the underlying bank balance and financial transfer statement.

We’re left with an extremely safe and transparent system that relies on the oldest and most secure blockchain, Bitcoin, to provide users with a price-stable asset for national currencies.

Getting Started With Tether

What You Get From Tether?

Stable Currency - Tether converts cash into digital currency, to anchor or tether the value to the price of national currencies like the US dollar, the Euro, and the Yen.

100% Backed - Every tether is always backed 1-to-1, by traditional currency held in our reserves. So 1 USD₮ is always equivalent to 1 USD.

Transparent - Our reserve holdings are published daily and subject to frequent professional audits. All tethers in circulation always match our reserves.

Blockchain Technology - The Tether platform is built on top of open blockchain technologies, leveraging the security and transparency that they provide.

Widespread Integration - Tether is the most widely integrated digital-to- fiat currency today. Buy, sell, and use tethers at Bitfinex, Shapeshift, GoCoin, and other exchanges.

Transact with Currency

Fund Your Account

Add value to your exchange accounts and wallets through other tether-enabled wallets.

Reduce Volatility

Convert cash into stable digital currency and hold as USD, EUR or JPY

Send to Others

Transfer stable digital currency to other tether-enabled wallets and exchanges.

Bitfinex Announcement For Tether Users

Bitfinex is pleased to announce the availability of Tether as a withdrawal and deposit method for our verified clients.

Verified users now have an additional “Tether” funding option, along with “Crypto-Currencies” and “Wire Transfer” on the Deposit and Withdraw pages. Tether is a Bitcoin-compatible token which represents one dollar, and can be held in any Tether-enabled Bitcoin wallet (Omni Wallet or Tether.to).

Tether tokens can be deposited and traded for other tokens at exchanges that support Tether. Tethers can also be withdrawn and held in any Bitcoin wallet where you control the private key, including offline and paper wallets, allowing users to hold their US Dollar balances in a cryptographically secure manner, just like bitcoins.

Each Tether is backed 1-to-1 by its corresponding currency, which can be viewed and verified in real-time via the Tether.to website and on the Blockchain. Tether will be fully transparent and audited to demonstrate 100% reserves at all times.

We see Tether as a significant optimization for the problems that plague bitcoin traders and exchanges when interfacing with the traditional banking system. We proudly support Tether and encourage other exchanges, OTC traders, and arbitrageurs to also use Tether.

We believe that widespread adoption of a secure Blockchain-compatible ‘crypto-dollar’ will lead to better price discovery, market transparency and liquidity.

Tether Resources

How To Buy Tether?

USDT is fairly simple to use. Once on exchanges like Poloniex or Bittrex, it can be used to purchase Bitcoin and other cryptocurrencies. It can be easily transferred from an exchange to any Omni Layer enabled wallet.

Tether has no transaction fees, although external wallets and exchanges may charge one. In order to convert USDT to USD and vise versa through the Tether.to Platform, users must pay a small fee.

Buying and selling Tether for Bitcoin can be done through a variety of exchanges like the ones mentioned previously or through the Tether.to platform, which also allows the conversion between USD to and from your bank account.

We are going to show you how to use the Tether.to Platform.

Part 1 - Create an account with Tether.io

Step 1: Click here to go to Tether.to

Step 2: Click “Signup” to create an account

Step 3: Fill in your personal details and click “Create Account”

Step 4: Your account will be created. In order to use it, you must activate 2-factor authentication, which will also add an extra layer of security to your account. Click “Security Page”

The payment is easily completed online in minutes by POLi Payments a business from Australia Post and after payment is complete the coins will be sent to your CoinSpot online wallet immediately.

If you don't have your own wallet you can sign up for a free account using the 'Register' button at the top of the page to create a free online Tether USD wallet. You can withdraw your BTC from the online wallet at any time and without fees.

How To Earn Tether?

Tether is a company from China which made a real revolution in the world of cryptocurrencies. They turned a fiat currency into a cryptocurrency! This is now possible due to integration with another service – Cryptsy.

Such an innovation was highly appreciated by traders from all around the world. So let's take a closer look at how Tether works and why one could want to buy it.

How it works

Tether used to have a different name – Realcoin. It used to be an ordinary altcoin which was rather popular among traders but could not compete with Litecoin, Namecoin and other cryptocurrencies. Therefore Tether owners decided that rebranding will have positive impact on their business and they were right!

Actually it's not that easy to explain how Tether works. If we simplify the system to the maximum possible extent we could describe Tether as a service turning USD, EUR and other fiat currencies into virtual (digital) tokens which are later send and received with the use of Bitcoin blockchain.

In other words Tether is kind of a digital tie to tangible assets of the real worlds. Technically it is not even a cryptocurrency – it is more a way for using fiat currencies like electronic currencies.

Who may need this? That is a good question. Without a doubt online traders need it! They need everything that can bring good money.

Where To Spend Tether?

Advantages of Tether

Basically Tether allows to make online transactions with tokens (which can be called a cryptocurrency too) equal to US dollars. That is a good alternative to volatile Bitcoin since USD exchange rate is much more stable.

One Tether token (USDT) is always equal to one US dollar. This cannot be changed and it lets us be sure that volatility typical for electronic currencies is not a serious threat for us.

Paul Vernon from Cryptsy is really excited about Tether. He says that such a combination of a digital currency with real security and Bitcoin blockchain is the financial tool of the future.

"You get a stable exchange rate that is typical for fiat currencies and at the same time you have an opportunity to make easy and instant transactions people appreciate with cryptocurrencies", – says Paul Vernon.

Vernon claims that daily turnaround of Tether is more than 300 000 USD and it is a very impressive result. Without a doubt, such a number is the best evidence of the fact that traders are interested in such an unusual and interesting financial solution.

Moreover, according to Paul Vernon's words more than 270 000 users are officially registered in their system. Well, isn't that a great reason to join Tether users?

Speaking about advantages of Tether we should recall the first attempt of Cryptsy to make a cryptocurrency bound to USD. The first attempt failed if you don't know. The main reason was the necessity in bank receipts. If you didn't have a receipt you could not make any online transactions.

This time Tether and Cryptsy manages to avoid such unneeded bureaucracy. Today Tether allows all registered users to add and withdraw USD with the use of Bitcoin blockchain. Users enjoy the highest level of security and fast transactions.

Using Tether you never have to worry about currency exchange rate – USD is the most stable currency in the world and USDT is directly bound to the USD dollar. It means that you do not have to put much funds at the risk. Probably Tether is the safest digital currency nowadays.

Tether has quite a big number of international partners like Poloniex, Ambisafe, Space Shift and others. It's probably the best warranty for a young and innovative service.

Just as other major online payment services Tether offers API support and a well developed system of electronic wallets. We'd also like to note that Tether has a great customer support service.

Unfortunately, it's currently available in English only, but the customer support service itself is really helpful. These guys will quickly advise you on every question or issue regarding Tether.

Finally, we would like to mention such an advantage of Tether as constant development. Euro, Yuan and Japanese Yen – these three currencies are on the beta-testing stage already. Quite soon new currencies will be added as well.

If you see that a cryptocurrency is developing it means that everything goes well for them! Then it definitely makes sense to purchase such a cryptocurrency.

Innovation is the key to success

Tether was not the first company to implement such a solution. A lot of online services were thinking about binding fiat currencies to electronic money, but a great number of technical difficulties prevented them from doing that.

By combining principles of digital and fiat currencies Tether and Cryptsy disturb the balance of the global financial market. But people who earn on buying and selling online have already realized that it's possible to earn a lot with Tether.

Tether has already found its niche on the market and right now there are no preconditions that the situation will change for worse. Some experts suppose that now is the best time to invest in Tether. It already has a reputation of a well-established service and its outlook is rather promising.

Tether is a transparent service which imposes no hidden fees or commissions to its customers. If you want to learn more please visit www.teather.to and check F.A.Q section – there is a question about transparency of the service with the link to the Transparency statement.

Please check also the information regarding limited activity of Tether in a number of countries – it is also available in the F.A.Q page. Luckily Tether works in the majority of countries and regions, but still there are some places in the world where Tether is either partly available only or unavailable at all.

Conclusion

As any innovative project Tether is rather a risky asset. At the same time where can one earn as much as he or should could earn on a risky project? And if we learn more about Tether we will find out that frankly speaking this service is quite a reliable and prospective one – the partners mentioned above perfectly prove that.

What Is Tether Mining?

Tether can't be mine since mining is against Tether's very purpose and nature of currency which is always link to USD value.

Latest Tether News

Accepting Bitcoin Made Easier By Tether And GoCoin

As a merchant considering accepting Bitcoin payments, you might find yourself wondering how doing so will benefit your business. Not only does Bitcoin give you a hassle-free option of expanding your customer base on a global scale, but the transactions incur fewer fees compared to traditional payment methods. And if it’s up to Tether and GoCoin, Bitcoin payment processing will become completely free of charge.

Tether teams up with GoCoin

GoCoin, founded in 2013, has since raised $2 million in funding to provide merchant payment services in Bitcoin, Litecoin, Dogecoin, and now Tether for a multitude of fiat currencies including USD, GBP, Euros and now TetherUSD.

Tether works by “tethering” payment reserves to bitcoin amounts and protects against volatility by backing payments with fiat currency 1:1. Of the three currencies supported by Tether—USD, EUR, and JPY. While Tether uses bitcoin as a backend, any amount of dollars, euros, or yen deposited as a Tether can be withdrawn as the same amount of bitcoin, dollars, euros, or yen.